"Our research shows scepticism about simply shifting the burden onto sellers and one potential path forward would be allowing buyers to spread this hefty upfront cost over a number of years post-purchase"
- Colby Short - GetAgent
Most estate agents in England support Chancellor Rachel Reeves’ plan to reform property taxation by removing stamp duty, according to new research from GetAgent. However, many argue that a replacement levy should only target higher-value homes, and a significant share of respondents favour abolition without any substitute tax.
The Chancellor has asked Treasury officials to consider scrapping Stamp Duty Land Tax (SDLT) in favour of a new “homeowner tax” applied at the point of sale. Proposals include a levy on properties above certain thresholds, similar to a “mansion tax”, alongside updates to the council tax system, which is still based on valuations from the early 1990s.
The survey found that 66% of agents strongly or somewhat support replacing SDLT with a seller-side levy, compared with 13% who oppose it. Almost all agents, at 92%, believe that removing upfront stamp duty costs would encourage more buyers to enter the market. Of those, 47% believe the impact would be significant.
Views diverged on how a replacement should be designed. The proposed threshold for the new levy is £500,000. Nearly half of respondents, 49%, said this was reasonable, while 44% felt it should be set higher to avoid capturing too many mainstream sellers.
A clear majority expressed support for more radical reform. Nearly four in five agents, or 79%, said SDLT should be abolished without replacement. Only 15% backed replacing it with another form of property tax, and 10% supported keeping the current system.
Concerns were raised about unintended consequences. If the levy were shifted to sellers, 96% of agents expect homeowners to raise their asking prices to offset the cost, potentially reducing the benefit to buyers. Even so, 71% believe the overall impact of reform would be positive, while just 14% think it would harm the market.
“Stamp duty has long been one of the biggest barriers to homeownership, and removing upfront costs for buyers would undoubtedly stimulate demand. Less friction within the purchasing process means more sales and, for agents, more commission, so it’s no surprise to see the majority back stamp duty reform in one form or another,” explained Colby Short, co-founder and CEO of GetAgent.co.uk. “However, our research shows scepticism about simply shifting the burden onto sellers and one potential path forward would be allowing buyers to spread this hefty upfront cost over a number of years post-purchase."
“Since rumours started to circulate, there has been very little in the way of detail, but whatever may materialise, it’s clear that agents want a system that is fairer, more transparent and does not stifle market activity.”
